AASB 1 First-time Adoption of Australian Accounting Standards 14-17: Keep estimates at the transition date (and at the end of each comparative period) consistent with the previous GAAP estimates for that date unless they were objectively wrong, and treat later information as a non-adjusting event

What does 14-17 require?

Estimates made under the Standards at the transition date must agree with those made under the previous GAAP for the same date, after adjusting for any policy difference, unless objective evidence shows the earlier estimates were in error. Information that arrives after the transition date about those estimates is handled as a non-adjusting event under AASB 110, not used to revise the opening figures. Where the Standards call for an estimate that the previous GAAP did not, it is made on the conditions existing at the transition date, including market prices, interest rates and exchange rates at that date. The same discipline applies at the end of any comparative period presented.